Home improvement giant names new directors after talks with investor
Lowe’s Cos. is appointing three new board members after talks with activist hedge fund D.E. Shaw, which recently built a stake in the home improvement chain.
The retailer announced that it has appointed David H. Batchelder, co-founder of Relational Investors, and Lisa W. Wardell, CEO of Adtalem Global Education, to its board of directors, effective March 22, 2018. Batchelder was recommended by D.E. Shaw, reported CNBC.
The company said it will nominate Batchelder, Wardell and new nominee Brian C. Rogers, chairman of T. Rowe Price Group and its former chief investment officer, for election at Lowe’s annual shareholders meeting.
“We are pleased to welcome David, Brian and Lisa as new independent directors to the Lowe’s board and especially value the constructive discussions we have had with the D. E. Shaw group,” said Robert A. Niblock, Lowe’s chairman, president and CEO.
With the new additions, eight directors will have joined Lowe’s board in the past five years.
“We appreciate Lowe’s collaborative approach and are pleased to have worked together to enhance the company’s board of directors,” said Quentin Koffey, a portfolio manager at the D. E. Shaw group. “Lowe’s is an excellent company with tremendous value creation opportunities in front of it, and we believe the new directors will be significant assets to the board. We believe the refreshed board and the management team are committed to achieving outstanding performance and maximizing shareholder value.”
Last week, CNBC reported that D.E. Shaw had built an activist stake in Lowe’s and was concerned about the home improvement retailer’s performance versus competitors.
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